Tracy Alloway

It's very exciting time to be alive and be in the corporate world.

Just going back to the QXO business.

So I know I keep saying this is a very big deal and it is, and it immediately vaunts you to, as we said, the second largest publicly traded building products distributor in North America.

As you get bigger and as you make more of these acquisitions, you know, fairly quickly, you've done like three or four now in a little over a year, I think, or maybe a little less than a year.

Do you worry about antitrust at all?

Well, we're not at a point where our market share is so huge that it would have any effect on raising prices to the customer.

So no, I don't worry about that right now.

All right.

So on that note, what is the universe of potential targets look like to you right now?

And should we expect that your next deal is going to be quite as large?

Well, we have a big pipeline and we're always talking to many, many acquisitions at the same time.

A big mistake a lot of roll-ups do, or even corporate acquirers, is they kind of dabble in M&A.

They don't have like a scientific organized process.

So they work on one deal, they fall in love with the deal, and they overpay.

It's like the biggest crime, the biggest mistake you can make as an acquirer is to overpay.

People say, oh, well...

Don't worry about it.

You'll forget about the purchase price the next day.

Well, your balance sheet never, ever forgets the purchase price.

That's money that you've wired out of your account into someone else's account.